If I need to club my STCG with total taxable income, what would be the rates of tax applicable in my case?
Answer
Answer
That would entirely depend on your level of total taxable income. The IT Act defines slabs accordingly. If the STCG was not covered under Section 111A, then the normal rates of tax as under will apply:
• Nil up to income of Rs. 2,50,000
• 5% for income above Rs. 2,50,000 but up to Rs. 5,00,000
• 20% for income above Rs. 5,00,000 but up to Rs. 10,00,000
• 30% for income above Rs. 10,00,000.
Apart from above, health & education cess @ 4% will be levied on the amount of tax. Additionally, surcharge of 10% on incomes above Rs.50 lakhs and a surcharge of 15% on incomes above Rs.1 crore will be also leviable in this case.